Yup. Barca have been run completely incompetently in the last half decade , especially with regard to player acquisition and costs, so I can't be too sorry for them, but its a very weird business situation they face.
The other big part of the picture is that the real driver of revenue growth for these clubs in recent years has been commercial revenue but there are actually two very distinct tracks among the super clubs in that regard. Clubs like Barcelona, Real Madrid, and Manchester United (or less successfully Liverpool, Arsenal, Chelsea, Juventus) are trying to drive commercial revenue through market value sponsorship deals. The value of sponsorship to partners in a market situation depends on the number of fans these clubs have, so its really a big contest to grow your global fanbase (which requires winning things, playing in CL, and signing big superstar players). But PSG, City, and Bayern - for various reasons - have been able to drive commercial revenue to very similar extents despite being nowhere near as popular, as they have corporate partners willing to pay them a lot of money for other reasons. The size of their commercial revenues isn't really tied that strongly to their global fanbase at all. Barcelona has 270m social media followers worldwide (generally accepted in footballing circles as the best measure of global popularity) and PSG and Bayern each have only about 90m, but PSG and Bayern have similar commercial revenue. City and Arsenal have about the same number of social media followers worldwide, but City's commercial revenues are twice as large, etc.
One of the big fears for the first group of super clubs is not just that failing on the pitch - not qualifying for CL but also just not winning big trophies even for those who regularly do - will lead to a dip in immediate broadcast revenues, but also that it will lead to strong headwinds on the commercial side (some of the big deals for the market-based clubs actually have CL participation and success written into them), which will then make it harder to get back to success on the pitch. This is essentially the trap in which Arsenal has been stuck for a long time (greatly exacerbated, of course, by their own incompetence). The three clubs that don't really have to worry about this trap are probably not coincidentally the three clubs that were least enthusiastic about the Super League - PSG, Bayern, and City.